(1) Form of Application. All loan
applications shall be made upon a standard form prescribed by the Agency, and
shall be submitted to an eligible Agent. If no eligible Agent exists in the
applicant's county of residence, or no eligible Agent is willing to submit the
applicant's application, the applicant may submit the application directly to
the Agency.
(2) Application Fee.
The applicant shall pay an application fee of $10.00 at the time of
application.
(3) Required
Documentation
(a) Each application must be
accompanied by a statement verifying employment, a statement of gross earnings
for the past calendar year from each employer, and a statement of the
applicant's total assets. Where the applicant head of a household is retired, a
sworn statement of gross annual income for the preceding year along with a
statement of the applicant's total assets shall be included. These statements
will be made and sworn to upon a standard form prescribed by the
Agency.
(b) The originating agency
shall obtain a copy of the contract of Sale, specifying the property to be
financed, and make inspections of the property and credit reviews which will
indicate such things as the applicant's place of employment, banking
relationships and trade credit. The originating agent shall also verify the
information contained in Rule 0770-1-2-.04(g) and obtain an affidavit which the
originating agent shall also verify and which shall contain the following:
1. that such mortgagor will use the residence
financed by the mortgage loan of the agency as his permanent and principal
residence as soon as possible following delivery of the mortgage
loan,
2. that such mortgagor agrees
not to rent the residence so purchased, and
3. that the residence is located within the
State of Tennessee.
All persons executing the affidavit must list the various
addresses where he or she has resided during the three (3) years prior to
execution of the mortgage loan, whether residing there as a tenant or as a
member of a family without an ownership interest, or through some other
arrangement.
The applicant shall also indicate whether he or she had any
ownership interest in a principal residence pursuant to any trust, divorce
decree, separation agreement or life estate under a will.
(c) Additional Documents. The
Agency or a qualified insurer may require the applicant to provide such other
documentation needed to establish the eligibility and credit worthiness of the
applicant.
Notes
Tenn. Comp. R. & Regs.
0770-01-02-.10
Original rule filed July
24, 1974; effective August 23, 1974. Amendment filed November 12, 1974;
effective December 12, 1974. Amendment filed April 7, 1976; effective May 7,
1976. Amendment filed September 29, 1981; effective December 29,
1981.
Authority: T.C.A. ยง
13-23-115(18).
